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RESOLUTION 98 - 13/4 <br /> <br />CITY OF ELK RIVER <br />COUNTY OF SHERBURNE <br />STATE OF MINNESOTA <br /> <br />A RESOLUTION MODIFYING THE BUDGET FOR <br />TAX INCREMENT FINANCING DISTRICT NO. 18 <br /> <br />BE IT RESOLVED by the City Council ( the "Council") of the City of Elk River, <br />Minnesota (the "City") as follows: <br /> <br />Section 1. - Recitals. <br /> <br /> 1.01. It has been proposed that the Council modify the Budget ("Budget <br />Modification") for Tax Increment Financing District No. 18, and adopt the related <br />Budget Modification therefor, pursuant to and in conformity with applicable law, <br />including Minnesota Statutes, Sections 469.090 through 469.1081 and 469.174 <br />through 469.179, all inclusive, as amended, all as reflected in the Budget <br />Modification showing an adoption date of December 14, 1998, and presented for the <br />Council's consideration. <br /> <br /> 1.02. The Council has investigated the facts relating to the Budget <br />Modification. <br /> <br /> 1.03. The Council has determined that an administrative Budget <br />Modification is appropriate and that a public hearing and notification of Sherburne <br />County and School District No. 728 are not required. <br /> <br /> 1.04. The City has performed all actions required by law to be performed <br />prior to the adoption and approval of the proposed Budget Modification. <br /> <br /> 1.05. Certain written reports (the "Reports") relating to the Budget <br />Modification and to the activities contemplated therein have heretofore been <br />prepared by staff and submitted to the Council and/or made a part of the City files <br />and proceedings on the Budget Modification. The Reports include data, information, <br />and/or substantiation constituting or relating to the basis for findings and <br />determinations made in this Resolution. The Council hereby confirms, ratifies, and <br />adopts the Reports which are hereby incorporated into and made as fully a part of <br />this Resolution to the same extent as if set forth in full herein. <br /> <br /> Section 2. - Findings for the Adoption and Approval of the Budget <br />Modification. <br /> <br /> 2.01. The Council hereby finds that the Budget Modification is intended, <br />and in the judgment of this Council, the effect of such actions will be, to provide an <br />impetus for development for the public purpose and to accomplish certain objectives <br />as specified in the Development Program for Development District No. i and the <br /> <br /> <br />